A quick check with a few of my mortgage broker and bank contacts tells me that variable rate mortgages can be had for 2.2%. Five year fixed rate mortgages vary widely from 3.65% all the way to 5.69%. It pays to shop around.
Most "experts" in the field feel that it is quite likely that the Bank of Canada will increase its key rate in June of this year, most likely leading to increased mortgage interest rates. Keep this in mind when choosing between a fixed or variable rate mortgage.
